Johannesburg - Global miner Anglo American [JSE:AGL] said on
Friday it had raised its stake in Kumba Iron Ore [JSE:KIO] by 4.5% at a
cost of $950m with no other options outstanding to further increase its
Anglo said it had raised its stake to 69.7% from 65.2% at an
average weighted purchase price of R519 per share.
“We have no other options outstanding,” a spokesperson said.
Kumba reported an 18% drop in first-half earnings on Friday
but is regarded as one of Anglo’s stronger South African assets as the global
miner reviews its troubled platinum unit, Anglo Platinum [JSE:AMS], which warned this
week of sharply lower profits and saw its chief executive step down.